The inflation train continued its runaway pace in October, with the CPI rising 6.2%—the “sharpest increase” since 1990. The news is challenging politically for the administration but also for policymakers at the Fed, who are still sticking to their forecasts that the rapid jumps we’ve seen lately will fade while acknowledging that previously described timetables for that moderating were off - NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace
Rivian made good on its plans for a blockbuster IPO on Wednesday, with shares soaring on their first day of trading and closing up nearly 30%. That activity gave the e-truck maker a market cap of “at least $86 billion, compared to Ford Motor’s $77 billion and General Motors’ $86 billion.” Now feels like the right time to remind everyone that to date, Rivian has only delivered 156 vehicles to buyers - NYTimes and WSJ and Bloomberg and MarketWatch
After much weekend Twitter drama, Elon Musk has sold around $5 billion worth of Tesla stock—exercising “stock options that he received as part of his compensation package.” Notably, “[t]hanks to the decline in Tesla’s share price Monday, the CEO’s tax bill is likely to be lower than it would have been if he had exercised his options before the poll.” Seems fair, no? - WSJ and Bloomberg
Tough quarterly news for the Big Mouse, with Disney reporting slowed growth on its Disney+ streaming platform—some 7 million users fewer than analysts had expected. The company’s theme parks and consumer products division, however, posted a profit of $640 million—reversing the rare loss it saw last year - WSJ and Bloomberg and MarketWatch and TechCrunch
Boeing has reached a deal with families of victims of the 737 Max crash in Ethiopia in 2019 in which it will “accept responsibility” for the tragedy. The agreement is an important step in “creating a pathway” for the families “ to proceed to a final resolution, whether through settlements or trial” - NYTimes and WSJ and Law360
Justice Department lawyers have sued ride-hailing giant Uber over alleged discrimination of passengers with disabilities for “charging them fees when they needed more time” to enter Uber vehicles, in violation of the Americans With Disabilities Act - NYTimes and WSJ and Bloomberg
Meanwhile, other DOJ officials and the SEC have “opened investigations into the embattled Silicon Valley company Ozy Media.” While the scope of the probes is unknown, a recent private lawsuit “accused Ozy of misleading potential investors” - NYTimes
Sitting smack dab at the center of GE’s recent news of a tripartite split of the conglomerate is a major bet on the post-pandemic return of air travel - WSJ
Evergrande has rather quietly made two more bond payments this week, “a sign that it yet again managed to head off default” - NYTimes and Bloomberg
Hershey will drop $1.2 billion to acquire NoDak-based Dot’s Pretzels, the “fastest-growing U.S. pretzel brand among brands with more than $10 million in annual U.S. retail sales” - WSJ
The New-York Historical Society and the democratization of art labels as an effort to throw open the doors to traditionally exclusive museum spaces - NYTimes
Stay safe, and get vaxxed,
MDR
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